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At a cost of 28.2 crore, the Tamil Nadu Housing Board (TNHB) has finished a high-rise residential building at Varaganeri, close to the Trichy-Chennai national highway. Each of the 56 residences in the 14-story building has three bedrooms and a floor area between 1,517 and 1,571 square feet. These self-financed apartments will be offered for sale to the general public at about $4,800 per square foot. The housing board will soon announce the application procedure.
The project features covered parking, numerous elevators, power backup, kid-friendly green area, and CCTV surveillance systems. According to TNHB members, the project was approved based on a demand assessment study that determined Varaganeri had a considerable need for high-end residential apartments given its closeness to the interstates.
In addition to this project, TNHB has proposals to construct high-rise towers for the middle-income group and low-income group categories separately in Varaganeri. The upcoming projects are expected to provide affordable housing solutions to a larger section of the society. The demand for affordable housing is on the rise, and the government has been taking several initiatives to address the shortage of affordable homes in the country.
According to a report by the Reserve Bank of India (RBI), the demand for affordable housing in India is set to rise further in the coming years, driven by the government's push for affordable housing and increasing urbanization. In addition, the government's flagship program, Pradhan Mantri Awas Yojana (PMAY), aims to provide affordable housing to all by 2022. The scheme offers several incentives, such as interest subsidies and tax benefits, to first-time homebuyers from the economically weaker sections, lower-income groups, and middle-income groups.
The completion of the high-rise residential project in Varaganeri by TNHB is a positive step towards fulfilling the demand for affordable homes in the region. The upcoming projects for the middle-income and low-income groups will further strengthen the government's efforts to provide affordable housing solutions to all.
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